The financing of around 60 billion CFA francs for the Kékéli Efficient Power thermal power plant in Togo was closed on July 10, 2020, announced the co-arrangers Oragroup and the West African Development Bank (BOAD).

Developed by the pan-African industrial group Eranove, the Kékéli Efficient Power thermal power plant will have an installed capacity of 65 MW and will operate in a combined cycle, making it possible to produce more electricity without additional gas consumption and by limiting CO2 emissions.

Orabank Togo, the subsidiary of the Orabank banking group, is also involved in the project as a surety agent, bank account holder and lender, with the West African Development Bank, within a banking pool also including Africa Finance Corporation (AFC), Banque Atlantique Togo, International Bank for Africa in Togo (BIA Togo) and NSIA Banque Bénin. ATTIJARIWAFA BANK Maroc is the loan agent for the financing while a guarantee of liquidity extension has been granted to commercial banks by the GuarantCo fund, an institution providing guarantees in local currency for the financing of infrastructure in Africa.

The co-arrangers and lenders were assisted in the framework of the project by the firm Naciri & Associés Allen & Overy and the firm Monnatt (respectively legal and local advice), Energy Consulting Group (technical advice), Marsh (insurance advice) ), Mazars (auditor of the financial model and development costs) and ERM (environmental and social advice).

Mr. Ferdinand NGON KEMOUM, CEO of Oragroup, declared:”The Orabank group is proud to have contributed to the structuring and financing of such a large-scale project which is part of Togo’s electrification strategy which aims for access for all to electricity on the horizon. 2030. This pride is all the greater since it is the first time in the region that such funding is provided by African financial institutions in such a large proportion in CFA Francs (70%) and with a guarantee mechanism. also innovative. The Orabank group therefore intends to continue this leadership position in supporting and financing infrastructure projects in its countries of presence in Africa, in line with its strategic vision of being a player in economic and social development. of Africa”.

Mr. Christian ADOVELANDE, President of BOAD declared: “The role of arranger and lender played by BOAD within the framework of the Kékéli project is part of the continuity of the Bank’s support to the energy sector of the West African Economic and Monetary Union (UEMOA), in perfect coherence with the actions carried out within the framework of the Regional Initiative for Sustainable Energy (IRED). In addition, BOAD confirms through this project its capacity to federate the local commercial banks around strategic infrastructure projects, particularly within the framework of public-private partnerships. ”

 

Source: Agence Ecofin

Share